SDRL · CIK 0001737706
What Seadrill Ltd. told the SEC could break it.
1 self-disclosed vulnerability, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far — we surface every cited disclosure we’ve extracted for SDRL. More may follow as additional filings are processed.
In its own words
What could break it.
Geographic concentration
- Revenue concentrated in three countries — Brazil 43%, U.S. 26%, Angola 23% of 2025 revenuemedium
Seadrill's offshore-drilling revenue is heavily concentrated geographically: in 2025 Brazil, the United States and Angola accounted for roughly 43%, 26% and 23% of revenue respectively — about 92% from three jurisdictions, with Brazil alone at 43%. Because Brazil revenue is driven by a small set of large oil-major/national-oil-company contracts (its rigs West Auriga and West Polaris commenced Brazilian operations in 2025) and is subject to ANP regulation and local-content requirements, a downturn, contract loss, regulatory suspension, or capex cut by a key Brazilian counterparty would have an outsized effect. Inability to promptly redeploy rigs to other regions would compound the impact. This single-country/customer concentration is the dominant supply-shock-relevant exposure for the company.
“For the year ended December 31, 2025, operations in the Brazil, United States and Angola accounted for approximately 43%, 26% and 23%, respectively, of our revenues in the aggregate.”
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